Community banking

TowneBank to Acquire North Carolina Insurance Firm

By Alan Kline October 13, 2011, 10:35 a.m. EDT 1 Min Read

M&A

BB&T Revs Up Its Insurance M&A Machine

BB&T took a back seat to the more acquisitive Wells Fargo during the downturn. No more.

By Matthew Monks

September 29

TowneBank in Suffolk, Va., is buying a Raleigh, N.C., insurance agency and merging it into its insurance subsidiary.

The deal for the Stanton Taylor Agency Inc., announced Wednesday, would be TowneBank's 10th acquisition of an insurance agency since 2001. A deal price was not disclosed.

"We are pleased to welcome Stanton Taylor Agency to the Towne Family. The quality and professionalism of the Stanton Taylor staff will allow us to expand the services available to our bank and insurance clients," G. Robert Aston, Jr., TowneBank's Chairman and chief executive, said in a news release. Founded in 1999, TowneBank has $4 billion of assets and 26 branches in southeastern Virginia and northeastern North Carolina.

For reprint and licensing requests for this article, click here.

Community banking

TRENDING

Payments

Discover cuts its profit to resolve its old merchant missteps

Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.

By Kate Fitzgerald

29m ago
Artificial intelligence

Stanford researchers say large language models favor white-sounding names

Tests of models from OpenAI, Google and others found their advice tends to disadvantage names commonly associated with racial minorities and women.

By Penny Crosman

34m ago
Regulation and compliance

Fed's Bowman says she sees path forward for altered capital proposal

Federal Reserve Governor Michelle Bowman said she believes there is a feasible path forward for the revised capital reform proposal, emphasizing the importance of making broad changes informed by industry feedback to achieve broad consensus among Federal Reserve board members.

By Ebrima Santos Sanneh

1h ago

MORE FROM AMERICAN BANKER

Payments

Discover cuts its profit to resolve its old merchant missteps

Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.

By Kate Fitzgerald

29m ago
Artificial intelligence

Stanford researchers say large language models favor white-sounding names

Tests of models from OpenAI, Google and others found their advice tends to disadvantage names commonly associated with racial minorities and women.

By Penny Crosman

34m ago
Regulation and compliance

Fed's Bowman says she sees path forward for altered capital proposal

Federal Reserve Governor Michelle Bowman said she believes there is a feasible path forward for the revised capital reform proposal, emphasizing the importance of making broad changes informed by industry feedback to achieve broad consensus among Federal Reserve board members.

By Ebrima Santos Sanneh

1h ago
Originations

Mortgage rates hit a five-month high

But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.

By Brad Finkelstein

1h ago
2024 is the year of "The Great Gloom" and American workers are unhappier than ever

From the early uncertainty and illness associated with Covid-19, to subsequent wars, supply chain issues, rising prices, inflation and layoffs, there has been a lot to deal with. And workers are in the doldrums right now.

Partner Insights from Amply
Regulation and compliance

Pathward Bank to pay more than $700,000 for compliance failure

The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.

By Catherine Leffert

April 17